VET could rally above $0.024 soon as market slowly recovers
VeChain is slowly recovering from its recent slump and could be headed for more gains over the next few days.
VET, the native coin of the VeChain blockchain, is up by more than 1% in the last 24 hours. Over the past seven days, VET has lost more than 2% of its value.
However, with the broader cryptocurrency market now performing well, will VET recover from its recent slump?
What is driving VET’s price higher today?
VET is up by more than 1% in the last 24 hours. The cryptocurrency maintains its position as one of the top 50 cryptocurrencies by market cap.
There is no apparent catalyst behind VET’s performance today. At press time, VET is trading above the $0.023 psychological level.
The positive performance comes as the broader cryptocurrency market recovers from last week’s slump. The total cryptocurrency market cap is up by more than 1% so far today and currently stands at around $930 billion.
Bitcoin is heading towards the $20k psychological level once again after adding roughly 2% to its value today. Ether is also trading above $1,300 as it is up by nearly 3% in the last 24 hours.
What’s the outlook for the VeChain price?
VeChain has been underperforming over the past seven days. However, its performance resonates with that of the broader cryptocurrency market.
With Bitcoin and the broader cryptocurrency market now recovering, you could expect VeChain to rally higher again in the near term.
If the bulls can continue to maintain the current market momentum, VET could target August’s high of $0.0333 over the next few days. However, it would need the support of the broader cryptocurrency market to soar higher.
VeChain technical analysis
The VET/USD 4-hour chart is still bearish despite VeChain performing well over the past 24 hours. However, the technical indicators show that VET is recovering from last week’s poor performance.
VET/USD Chart By TradingView
The MACD line is below the neutral zone but has been rising slowly toward the positive region. Thus, indicating that the bulls are gaining momentum in the market.
The 14-day relative strength index of 43 also shows that VET is no longer in the oversold territory.
If the bulls remain in charge, VET could surge past the first major resistance level at $0.0257 before the end of the day.
However, it would need the support of the broader cryptocurrency market to make a move toward the $0.0267 resistance level over the next few days.
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